Wealth Redefined®: Recent Episodes
Michael Reynolds
Practical discussions and insights on money with a modern and socially conscious approach to building wealth. Hosted by Michael Reynolds, independent financial advisor and Principal of Elevation Financial.
Planning for a large tax refund can make sense in a lot of cases. Just because it's not financially optimal doesn't make it wrong.
Not everyone starts a business planning to sell it. Some of you have no interest in an exit at all, and that's fine. But stick with me, because the work that makes a business sellable is the same work that makes it healthier, calmer, and more profitable to run right now.
Many people assume that managing money well requires complexity. More accounts, more spreadsheets, more strategies, more monitoring. The opposite is usually true.
Understanding where the 20% number comes from, and what your actual options are, can help you make a decision based on your finances instead of someone else's rule of thumb.
Financial avoidance is very common, but if you learn to recognize it and manage it, you can get better at overcoming these tendencies.
What is a pig butchering scam? Learn how this crypto fraud works, the warning signs to watch for, and how to protect your money.
Identity theft and financial fraud are not abstract problems that happen to other people. They happen to people who are careful, educated, and financially stable. The good news is that most identity theft and fraud can be prevented with a few deliberate habits.
You did everything right. You gathered your tax documents, filed your return on time, and finally felt that satisfying sense of closure. Then, sometime in May or June, an envelope shows up with yet another tax form inside.
With all the hype around IPOs, it's easy to see why people tend to get excited about getting in on the action. But what does the historical performance data show? And how can everyday investors participate?
There are two documents that belong in almost everyone's hands, and most people don't have them.
The question I keep hearing from parents right now is some version of this: "Is it even worth funding a 529 plan anymore?"
Pausing your investments during a market downturn is one of the most common and costly mistakes everyday investors make. In reality, this behavior can rob you of the opportunity for growth.
If you would like to stop working with your current financial advisor, here is what you need to know.
April 15th has come and gone, and your tax return is still not filed. You're not alone. Millions of Americans miss the tax filing deadline every year, and while it's not ideal, it's also not the end of the world. What matters now is what you do next.
If you have ever hesitated to file an extension because you were worried it might trigger an audit or signal some kind of red flag to the IRS, you can let that fear go. The reality is quite different from what most people assume.
Daily financial news is designed to keep you watching, not to help you invest better. Here's how long-term investors can manage the noise and protect their portfolios from emotional decision-making.
If you have a child or grandchild born in 2025, 2026, 2027, or 2028, there is a new savings tool worth knowing about. Trump accounts, created under the One Big Beautiful Bill and governed by new Internal Revenue Code Section 530A, are tax-advantaged accounts designed to give children a financial head start before they reach adulthood. Here is what you need to know.
If you have kids, you have probably thought about how to give them a financial head start. The good news is that there are several solid options available to you. The less good news is that they each come with trade-offs, and picking the right one depends on your goals, your child's situation, and how much control you want to maintain over the money.
Thinking about buying the dip in the stock market? Learn what this popular strategy actually costs you and why dollar cost averaging is usually the smarter move.
The flex retirement isn't a fallback plan. For the right person, it's a genuinely better way to exit a career, one that preserves financial flexibility, maintains a sense of purpose, and allows for a much more gradual adjustment to a new chapter.
Managing money as a couple is one of the most important things you can do for your relationship and your financial future. Yet most couples rarely sit down together to actually talk about it in a structured way. That's where the money date comes in.
Poor bookkeeping is one of the most common ways small business owners sabotage their own success.
If you're looking for ways to save and invest money for your child's future, you've probably come across UGMA and UTMA accounts. These custodial accounts have been around for decades and remain popular options for parents who want to build wealth for their kids. But popularity doesn't always equal the best choice for your situation.
If you keep money in a bank, you're probably familiar with FDIC insurance. It's that guarantee that keeps your deposits safe up to $250,000 even if your bank fails. But what about the money and investments in your brokerage account? That's where SIPC insurance comes in.
Don't let your business fall out of good standing over a simple administrative filing. The consequences are too significant and the prevention is too easy.
If you’ve ever wondered how brokerage accounts are taxed, you’re not alone. It can be confusing, but understanding it can save you money and stress.
I love this exercise because it avoids the head trash that can result from the pass/fail nature of goal-setting. Don’t get me wrong, there is a time and place for setting goals. But for me, setting three words is much more effective when defining a theme for an entire year.
Staying ahead of the numbers that affect your financial planning can save you money and stress. As we move into 2026, several important contribution limits, tax brackets, and thresholds have been adjusted for inflation.
A Roth conversion can be a powerful tool in your financial planning toolkit. But like most financial strategies, it's not right for everyone, and the timing matters considerably.
Most people believe their retirement accounts are completely off-limits until age 59½. But there are several ways to access your retirement funds earlier, including something called the Rule of 55.
If you're charitably inclined and have investments in a taxable brokerage account, you might be leaving significant tax savings on the table. Most people automatically reach for their checkbook or credit card when making charitable donations, but there's a more tax-efficient strategy that could save you thousands of dollars over time.
Using a HELOC as an emergency fund isn't always inherently wrong, but it's also not the straightforward optimization it might appear to be on the surface.
Cryptocurrency has moved from the fringes of finance to a mainstream investment option. If you're considering adding crypto to your portfolio, you have several ways to gain exposure.
Scroll through TikTok (or YouTube and similar platforms) for five minutes, and you'll find no shortage of confident voices promising to unlock the secrets of wealth building. Some claim you can retire by 30 with one simple trick. Others insist traditional financial advice is a scam designed to keep you poor. Let's examine some of the most popular and prevalent personal finance "tips" on social media that are actually myths or at best, misleading.
When you have a significant amount of cash to invest, you face a sometimes tough decision: should you invest it all at once or spread it out over time?
Volatility is a natural part of investing. It’s the “price of admission” that we pay in exchange for the opportunity to grow wealth over time. But when markets start swinging wildly, especially to the downside, it’s easy to let emotion take the wheel.
So what is the actual state of Social Security based on the most recent data and analysis? And what does this mean for your financial future?
Target date funds are convenient, popular, and designed to do the hard work for you. But does that mean a target date fund is the best choice for your financial future?
If you've come into a lump sum of money, whether from a business sale, inheritance, settlement, or years of disciplined saving, you may be asking: "How can I turn this into reliable income?"
Life insurance can feel like one of those financial products that people think they’ll "get around to eventually." But waiting until later often means higher costs or even the possibility of not qualifying at all.
Let’s unpack where dividends come from, why investors are drawn to them, and how to think more strategically about total return and diversification.
Gold has often been viewed as a store of value and a hedge against inflation or economic crisis. But when it comes to true disaster preparedness (natural disasters, infrastructure breakdowns, or system-wide economic failure) is gold the right asset to hold?
What happens when you transition to Medicare? Can you still use your HSA? And more specifically, can you use it to pay for your Medicare premiums?
Discover how to find and claim unclaimed money that may belong to you. Learn the steps to search state and federal databases for forgotten funds like old bank accounts, checks, and insurance payouts.
It’s easy to be attracted to U.S. stocks, especially after a long period of great performance. However, when we step back and look at the bigger picture, the case for international diversification becomes clearer and more compelling.
Feeling overwhelmed by your financial life? Learn how decluttering your finances can reduce stress, improve cash flow, and help you align your money with your values.
Health Savings Accounts (HSAs) are often misunderstood. Many people think of them as simply a place to park money for upcoming medical expenses. But HSAs can be much more powerful—especially when you consider the option to invest the funds.
As you approach age 65, one of the most important—and often confusing—financial decisions you face is how to structure your Medicare coverage. Understanding the differences between Original Medicare and Medicare Advantage plans is essential for making an informed decision that aligns with your healthcare needs, financial situation, and lifestyle.
Tapping into your home’s equity can be a helpful way to access funds for major expenses. However, choosing between a home equity loan and a home equity line of credit (HELOC) can be confusing.
Navigating health insurance can feel overwhelming. With so many plans available (and only a limited window during open enrollment to make changes) it’s important to choose a plan that aligns with your needs, preferences, and financial situation.
S-corps can offer significant tax advantages, but they also come with rules, responsibilities, and deadlines you need to understand.
Thinking about buying a duplex? Learn the pros and cons, from financing and maintenance to tenant management and resale value, to decide if it's the right investment for you.
We’ll review the basic parts of Medicare, enrollment deadlines, how to enroll, and some common costs you can expect.
Buffered ETFs offer downside protection with capped gains, making them an attractive option for cautious investors. Learn how buffered ETFs work and when they might fit into your portfolio.
You’ve taken the leap and started your own business. First, congratulations! It takes courage to step out on your own and build something from scratch. But now that you’re officially in business, what comes next?
Tax season can feel overwhelming, especially when you’re scrambling to pull everything together at the last minute. Whether you file your own taxes or work with a tax professional, an organized approach can help reduce stress and improve your outcome.
Creating and following a budget is one of the most powerful ways to gain control over your finances. But despite its benefits, many people avoid budgeting altogether. Why?
Adoption can be one of the most meaningful experiences in life—but it's no secret that it can also come with significant costs. Fortunately, the IRS offers adoption tax benefits designed to offset some of these costs. If you’re planning to adopt or have recently completed an adoption, it’s worth understanding how to claim these valuable tax credits.
If you've ever owned an older car, you've probably faced the tough choice: Should you spend the money to repair it, or is it finally time to buy something newer? This is a common situation, and it's totally normal to feel a bit torn between the practical side of things and your emotional connection to your vehicle.
Saving for your children's college education is one of the most important financial decisions you'll make as a parent. With the cost of higher education rising steadily, it's a great idea to start planning early and understand your options.
If your employer offers a Roth 401(k), consider giving it a closer look. It could become an essential part of your financial strategy, setting you up for a financially secure, tax-efficient retirement.
Reasonable compensation is one of the most misunderstood and debated topics for S-Corporation (S-Corp) owners. Despite its importance, misconceptions continue to circulate, often leading to IRS challenges or costly mistakes. Let’s break down what reasonable compensation is, why it matters, and bust some of the most common myths.
Investing in mutual funds and exchange-traded funds (ETFs) can be a great way to diversify your portfolio, but understanding fund reports is essential to making informed decisions. Fund reports contain a wealth of information about a fund’s performance, strategy, and costs, but they can be overwhelming if you're not familiar with the terminology.
Timing is everything when it comes to balance transfers, and knowing when to use one is key to making the most of it. It can be a smart move for consolidating high-interest debt and speeding up your journey to being debt-free, but it's not a one-size-fits-all fix.
As tax season approaches, staying organized can save you time, stress, and even money. To make filing your 2024 tax return easier, here’s a checklist of documents you may need, depending on your income sources, deductions, and tax credits.
Estate planning isn’t just about organizing your assets or drafting a will. It’s about creating a roadmap that ensures your wishes are honored and your loved ones are cared for. Communicating your estate plan to your family is helpful for several reasons.
Here are the biggest mistakes taxpayers make during tax season that can trigger IRS enforcement—and how you can avoid them.
I love this exercise because it avoids the head trash that can result from the pass/fail nature of goal-setting. Don’t get me wrong, there is a time and place for setting goals. But for me, setting three words is much more effective when defining a theme for an entire year.
Here’s a look at three common retirement income strategies—Systematic Withdrawals (Total Return with Rebalancing), the Bucket Strategy, and the Guardrails approach. Each one has its own strengths and challenges, depending on your goals, risk tolerance, and personal style.
While the S&P 500 can be a great foundation for a portfolio, investing solely in this one segment of the market may not always be the best approach. We'll explore several reasons why relying solely on the S&P 500 might not be the ideal strategy.
Losing your job is never easy, whether you saw it coming or it took you by surprise. Beyond the emotional toll, the financial uncertainty can be overwhelming. However, with thoughtful planning and strategic actions, you can protect your financial future and manage the transition to your next chapter with confidence.
The truth is, a 401(k) can be a powerful tool for building a secure retirement if you know how to use it wisely. We'll dive into five of the most common myths about 401(k) plans, debunk them, and provide clarity so you can make the most of your retirement savings strategy.
Presidential elections often bring a heightened sense of uncertainty to the stock market, but historical data suggests that the impact is not as significant or predictable as many might believe. Here are some key points to consider.
As your child becomes independent, there are a multitude of factors to consider. From health care access and insurance coverage to tax strategies and estate planning, it’s a significant transition for both you and your child. By proactively addressing these issues, you can ensure a smoother path toward your child's independence while safeguarding your family's financial well-being.
You Need a Budget (YNAB) is a powerful tool that can help you manage your cash flow, save with intention, and spend with confidence. I'm going to walk you through the "right" way to set it up and use it. Or at least, MY way.
One tool in your fight against identity theft is a credit freeze. But what exactly is a credit freeze, and why should you consider implementing one?
Overspending is a common financial challenge that affects millions of people, regardless of income level or financial knowledge.
As a solo business owner, you're probably looking for ways to maximize your tax savings and secure your financial future. One powerful tool that can help you achieve both goals is the cash balance plan.
What makes the Solo 401(k) particularly attractive is its unique dual contribution structure. Unlike traditional employer-sponsored 401(k) plans, a Solo 401(k) allows you to contribute to your retirement savings in two capacities: as an employee and as an employer. This dual role can significantly boost your ability to save for retirement, potentially allowing you to contribute more than you could with other self-employed retirement plans like SEP IRAs or SIMPLE IRAs.
Debt-to-income is a key financial metric. It reflects your financial health and helps you build a stable and prosperous future.
When planning for your child's future education, one powerful tool at your disposal is the 529 plan. You may already be familiar with the basics of this tax-advantaged savings vehicle, but have you heard about "superfunding" a 529 plan?
By understanding the tax implications and implementing these strategies early, you can significantly improve your financial outcome when selling your house.
As you might expect, there is no one correct answer. Most importantly, it guides you toward your goals and provides a solid financial foundation for your life. So what does the typical financial plan contain, and what should it cover?
Investing in the biggest names in the stock market has always been tempting. These giants of the industry are often household names with a reputation for market dominance, and their stocks can potentially deliver impressive returns.
Remember these rules when sharing financial documents with your financial professional to make life easier for everyone and help keep your data secure.
Assigning a beneficiary to your vehicle can be a simple and effective way to ensure that your car, truck, or motorcycle is transferred to the person of your choice upon your death. This process, known as designating a transfer-on-death (TOD) beneficiary, can save your loved ones time, money, and the hassle of going through probate.
If you focus on these metrics and improve them over time, you will have a foundation of financial stability that will unlock potential in many other areas of your life.
SEP IRAs and Solo 401(k) both offer tax benefits and generous contribution limits. But they also have unique features that are different.
Our behavior related to money is driven by many factors. One factor can be our unconscious beliefs about money. These beliefs are called "money scripts," and they can significantly influence our habits and results with money.
Debt is not always bad, but it's often overused. Avoiding debt as much as possible is one of the best ways to avoid financial stress and make faster progress toward your financial goals.
Are you dreaming of buying a new home but struggling to come up with enough money for a down payment? If you have an IRA, you might be tempted to dip into it to fund your dream. But can you actually withdraw money from your IRA for a down payment on a home?
If you've ever wondered whether you can borrow from your 401(k), the answer is likely yes, but it comes with a host of considerations. Before you consider borrowing from your 401(k), you need to understand the mechanics of 401(k) loans, the potential downsides, and the risks involved.
By maintaining detailed records of all home improvements, you can maximize your chances of increasing your adjusted costs basis as much as possible when selling your home, which can minimize the capital gains taxes you might pay.
There are some myths as well as pros and cons of different down payment percentages. Whether you're a first-time homebuyer or looking to upgrade, understanding your option for a down payment will help you make informed decisions and find the right plan for your situation.
To protect yourself, you need to arm yourself with the tools and knowledge necessary to spot the red flags of a scam and the strategies to avoid these potentially devastating intrusions.
Don't let inertia and the comfort of the status quo keep you from improving your bank experience. Switching banks is not that difficult and can make life easier if you put in a little time up front.
Umbrella insurance is an important component of a comprehensive insurance portfolio. It provides an extra layer of liability coverage, protecting you from the financial consequences of lawsuits and potentially saving your assets.
The Solo 401(k) is one of the best retirement plans available to business owners and can give you lots of flexibility when it comes to managing taxes and saving for retirement.
Under certain circumstances, a 529 to Roth IRA rollover can be a great way to use extra 529 funds in a tax-efficient way that benefits your child.
If you are interested in getting help with financial planning and investment management and you want to keep costs under control while avoiding conflicts of interest, consider working with a flat fee financial advisor. It can be a great way to level up your money.
Tax season can be a stressful time for many individuals, but it doesn't have to be. By understanding the essential tax documents you can't afford to miss, you can simplify the process and save yourself unnecessary stress.
It can be stressful when you find yourself unable to pay the IRS. It's a situation no one wants to be in, but it's important to know that there are steps you can take to address the issue and find a solution.
Starting January 1st, 2024, a crucial new requirement for LLCs and most small businesses involves reporting Beneficial Ownership Information (BOI) to FinCEN (The Financial Crimes Enforcement Network). Ignoring this requirement could lead to severe consequences, including substantial fines and imprisonment.
At the beginning of each year, I choose three words to set the direction for the year. Here are my three words for 2024 and insights to help you use this exercise to find success and fulfillment in your own life.
Here is a brief summary of some of the changes for 2024 followed by a more in-depth downloadable PDF at the end.
When you're setting up your budget for the first time, it can often be intimidating to stare at a "blank sheet of paper" trying to come up with your budget categories. So I'm sharing the budget template I use with my clients to help them get started.
When it comes to securing your legacy and ensuring your loved ones are taken care of, estate planning is the cornerstone of peace of mind. As you navigate this process, one of the primary decisions you'll face is choosing between a will and a trust (or possibly both).
Are You a Victim of Recency Bias? Understanding and Overcoming its Impact on Your Investments. Understanding recency bias is the first step to overcoming its potentially negative impact on your investments.
With all these options available, there is no reason not to get your estate planning documents properly executed. Don't delay any longer.
Let's delve into crucial considerations to ensure your emergency fund is not only sufficient but also aligned with your broader financial goals and life situations.
Many people believe that debit cards don't offer the same protections as credit cards. But it's not quite that simple.
If you have struggled with budgeting in the past and you are looking for something that "goes with the flow" a bit more, flow-based budgeting system may be the method you've been looking for.
Many people often overlook their bank accounts when it comes to estate planning but it's important to include those assets in your estate plan. Even if the accounts are smaller, anything you can do to streamline the process of settling your estate helps make life easier for your loved ones.
Having started (and in some cases, sold) multiple businesses, I'm here to tell you that it doesn't have to be difficult or expensive to start a business. It's hard work and it's absolutely not easy. But I'm going to walk you through how to start a simple business for less than $1,000.
The taxable brokerage account is often overlooked in investment discussions, but it can be a powerful tool for growing your wealth. Unlike tax-advantaged accounts like IRAs or 401(k)s, taxable brokerage accounts don't offer any tax benefits upfront. However, they come with their own set of advantages that make them worth considering.
From determining your budget and securing pre-approvals to house hunting and closing the deal, there are a number of steps to consider along the way. Let’s dig into the process and timeline for buying your first home.
Whether you plan to sell your business or not, it can be valuable to start thinking about how to increase its value now so that you have options in the future. So what do you need to have in place to sell your business?
83% of Americans say they overspend. 44% say they usually use a credit card to pay for the additional purchases they make when going over budget. How do we break free from the cycle of overspending?
HSAs can be used for health care expenses in the short term, but it’s also possible to unlock massive potential for long-term financial planning. Understanding the workings of an HSA is a powerful way to supplement your other investments and save money in the long run.
Financial strategies are not “one size fits all” and they change as we progress through different stages of life. Your money habits in your 20s may not be as effective in your 40s or 50s.
Are you tired of traditional budgeting methods that don't seem to work? Reverse budgeting might be the solution you need. Discover what it is and how it can help you save money.
Determining the right amount of life insurance can be easier than you think. There are some general rules of thumb that can help.
By equipping yourself with knowledge and implementing preventative measures, you can take control of your financial security and ensure that your money remains safe from the clutches of fraudsters.
Let’s cover the basics of ESG and discuss at a high level what it is and how it can apply to your investments.
Starting a business is a dream that many people share. However, there are several myths that surround the process, particularly when it comes to startup costs.
Once debt reaches a certain point, many people find that they've had enough and have a desire to get rid of their debt. But this can sometimes feel like an overwhelming task. Luckily, there are methods that can help you get out of debt faster.
We all want strong investment returns. But what are the things that usually get in the way of that? It's not what you think.
Probate can be costly and time-consuming, placing a burden on loves ones in the event of your death. However, there are a number of ways to avoid probate.
Getting hacked can wreak havoc with your personal and financial life. Here are some simple and effective ways to strengthen your security and help keep your money protected from cybercriminals.
Keeping your financial life organized can go a long way toward reducing stress and saving time. Here are some of the best ways to stay on top of your money.
Want to earn more money without quitting your day job? This guide to starting a side hustle will show you how to make money on the side and grow your income.
As an S-Corp owner, determining a reasonable salary is crucial to avoiding IRS audit risk. Learn how to determine a reasonable salary as an owner in your S-Corp.
Understanding FDIC insurance limits is crucial for safeguarding your money. Learn about the coverage you have and how to maximize your protection.
Switching to using debit cards only can be a great way to “detox” from the destructive spending habits that are sometimes created by credit cards.
Worried about paying estimated quarterly taxes? Get an understanding of what they are, how to calculate them, and the importance of filing on time in this episode.
If you struggle with feelings of shame around money, I hope that seeing my speed bumps along the way will help you feel less alone.
The Limited Liability Company, or “LLC” is a very common type of business structure, and for good reason. It tends to be convenient and easy to establish and comes with some benefits to the owner. So how do you decide if you should form an LLC?
Let’s walk through the different types of tax professionals, their credentials, and what they do so you can be better informed as you seek help with taxes.
Even for those Americans who are insured, it’s very common to fall into some of the most common mistakes made with life insurance.
There are three primary areas of money that I’ve found to be most effective to automate. If you set up automatic recurring transfers in these key areas, you will be on your way to enjoying much more financial stability and lower stress.
So how necessary is an Investment Policy Statement? While it’s not mission-critical, it does provide a valuable framework that can make larger impacts as time goes on. In serving the purpose of creating guidelines for both you and your financial advisor for investing, I would not underestimate the value it can have.
At the beginning of each year, I choose three words to set the direction for the year. Here are my three words for 2023 and insights to help you use this exercise to find success and fulfillment in your own life.
A complete estate plan includes a few key documents that work together to make sure your money and property gets passed on the way you want and your medical and financial affairs are taken care of if you can't take care of them yourself.
This is not an exhaustive list of 2023 changes (see the download for more) but it does highlight the most commonly-used numbers when making retirement account contributions and tax planning.
Your credit score is a metric that can have a significant impact on your ability to have options. So what are some ways to improve your credit score and keep it high?
If you’re not sure what your current tax situation is, you would like to make online payments, or would like a clearer view of your history with the IRS, consider setting up an online IRS account.
While they don’t really make sense as an investment (since the interest rate is not designed to outpace inflation), I Bonds can serve as a vehicle for others parts of your financial plan, including your emergency fund.
Having trouble getting an interview? These are a few things you can do to help increase your chances of getting noticed during the hiring process.
While there is no magic button that makes investing easy, there are a few things we can do to help smooth out the ride (emotionally) and experience less stress.
Both the Traditional IRA and the Roth IRA can be great tools for tax-advantaged retirement savings. So can you contribute to both at the same time?
A Donor Advised Fund can offer many benefits and is worth exploring for those interested in long-term charitable giving.
Setting up a retirement plan for your small business can be confusing. Two popular options include the SIMPLE IRA and the 401(k). But what's the difference? And which one is right for you?
If you're starting a business, it can be tempting to agonize over your pricing. Are you charging enough? Here's the thing: it doesn't matter.
Managing money as a married or committed couple can come with challenges and benefits. Like most things in personal finance, there is no one right or wrong way to do it. We'll discuss some of the ways to approach money management in a committed relationship.
Fear of loss and volatility can cause anxiety, especially in scary markets. It can cause many to try to reduce risk by staying out of the market or being very conservative. But there is also a risk to NOT taking risks.
Everyone has heard of a 401(k), but not as many people are aware of the Roth 401(k). Let's unpack a few facts and insights about the Roth 401(k) and how it works.
We've all probably heard the "3-6 months of expenses" rule of thumb for your emergency fund. But like most things in personal finance, it's not a one-size-fits-all. We'll talk through the nuances of how to think about how much should be in your emergency fund.
When asked "what's your typical monthly spending?" most people go full on deer in the headlights. Unless you track your spending with a budgeting tool, it can be very difficult to determine your true expenses. Let's discuss a great way to ballpark it using your online banking and a basic spreadsheet.
Talking about compensation can be uncomfortable for many. But avoiding the topic could leave you under-paid and under-appreciated. Let's talk about how to ask for raise in a way that is constructive, respectful, and productive.
For many, investment management can seem like a black box. It sounds mysterious and difficult. In this episode, we'll unpack exactly what goes into investment management and what financial advisors do when managing investments.
While financial planning is not one-size-fits-all, it can often be helpful to look for rules of thumb or general guidelines when orienting your finances. We'll talk about some key financial ratios that you can track to help you make better money decisions and monitor your financial wellness.
SRI/ESG/Impact investing is getting a lot more attention. While some media attention has been positive, there are plenty of naysayers. Let's talk about the true impact of investing in alignment of positive values.
Good habits and systems can lead to great results. In this episode, I will share five of the most impactful (and simple) money systems that can help you significantly improve your financial health.
You try to make a positive impact in the world by buying local, investing responsibly, supporting minority-owned businesses, recycling, re-using, donating, the list goes on and on. But what if you're feeling overwhelmed in the pursuit of ethical perfection as a consumer? Let's discuss.
With geopolitical conflicts and inflation, it's natural to look for "safe haven" investments. Gold is one that often holds interest to some. We'll talk through some facts about gold to help you think through whether it makes sense for you.
U.S. Treasury Series I Saving Bonds, commonly called I Bonds, can be a great supplement to your investment & savings plan. Let's unpack I Bonds and discuss how they work.
The common wisdom is that you buy life insurance when someone else is financially dependent on you. But does it make sense to get it before you need it?
Are you curious what documents and other information might be needed when engaging in a financial planning relationship? We'll talk through the list and explain why each document is important.
Did you know that you have the option to take funds from your 401(k) as a loan? There are pros and cons to doing this and it should be considered carefully. We'll discuss how it works and all the details you need to think through when evaluating a 401(k) loan.
Running a business is hard. And cash flow can be challenging at times. Or maybe you're struggling to expand. Does using debt make sense? Let's discuss the pros and cons.
Starting a business can seem like a daunting concept. But it can be more accessible than you might think. We'll walk through the steps to take action and get a service business off the ground for less than $1,000.
Related Resource: https://www.elevationfinancial.com/my-favorite-easy-to-launch-service-business-ideas
Interest in digital assets (a.k.a. cryptocurrency) continues to grow. But if you're still learning about it, you may be wondering: "how to I actually invest in crypto?" We'll cover the most common ways to buy and invest in digital assets.
We've talked about budgeting methods before but this time we will dig into one of the most popular: reverse budgeting. This budgeting style is great for people who hate budgeting. We'll talk about how to set it up for automation and how to track cash flow within this framework.
Most of us are trained to see investing and retirement saving as very binary: either it's in cash or it's our 401(k). Short-term or long-term. But there's a lot of "medium-term" in between. And we can work with that by making use of investment buckets.
“Money Script” is a term coined by Dr. Brad Klontz, a thought leader in the world of financial therapy. Basically, money scripts are your unconscious beliefs about money, often rooted in childhood, that affect your adult behaviors and perspectives. We'll discuss the different Money Scripts and what you can learn from them.
It comes up a lot in discussions about investing: "how do I choose socially-responsible investments"? Many are confused and frustrated by the "greenwashing" that occurs in the industry and feel stuck when it comes to choosing investments. We'll unpack it in this episode and discuss how to evaluate socially-responsible investments including some free tools for analysis.
No, we're not talking about your favorite salsa or party dip. We're talking about investing in "dips" in the market, or "buying low". Is this a good strategy? Let's find out.
Let's face it, strict zero-based budgeting is not for everyone. No matter how beautiful and seductive your friends make YNAB (or Mint, or spreadsheets, or whatever) sound, you're just not going to do it. So what's the alternative? Are you doomed to a life of financial anarchy? Have no fear. There is hope for your cash flow even if you're not on the budget bandwagon.
Every year, I do Chris Brogan's "Three Words" exercise to start the new year with purpose. I've done it for many years now and I am 100% in love with it. I'll share how I did last year and what my words are going to be this year. And I'll share how you can do it, too.
I'm indulging myself a bit for the last episode of the year. I'm going to give you a detailed description of what it looks like to work with me as a client.
Buying a home can be an exciting life transition. But before getting starry-eyed and falling in love with your dream house, it's a good idea to get your financial ducks in a row so you're ready to sign on the dotted line. Dynamic Senior Loan Officer, Brittany Green joins us today to explain how to get in shape to be a solid home buyer and avoid snags and obstacles.
When I'm choosing mutual funds and ETFs for investments, there are some specific things I look at when screening. I'll share those elements and how I use them to choose funds.
The concept of "estate planning" or even a Last Will & Testament can often seem like an abstract and far-off thing to many of us. But there is a basic set of estate planning documents that are important for all of us to have. Jeff Heinzmann from Heinzmann Law Office walks us through these documents and how they work.
The HSA (Health Savings Account) is a feature of certain health insurance plans and they can make sense for many folks who are choosing plans during open enrollment. We will unpack how an HSA works, discuss the "triple tax benefit" features, and get into the details of what makes this account so useful, even as a supplemental retirement account.
Environmental, Social, and Governance (ESG) concerns are important to many investors who want to align their money with a positive impact in the world. We'll cover the basics of ESG investing for those who are less familiar with the topic.
Navigating health insurance can be a challenge. Even more so if you're a business owner. Our guest, Matthew Allen has built a business on helping solo and small business owners find opportunities they didn't know existed and design efficient and cost-effective health insurance plans. Matt outlines some ways business owners can find better options beyond the typical plans.
Financial planning doesn't have to be complicated. Even so, it can feel overwhelming at times. Here is the easiest financial plan in the world to implement even if you never work with a financial advisor.
The SEP is a pretty popular retirement plan among solo business owners and they are often recommended by accountants. But what if I told you there were reasons to choose a Solo 401(k)?
As a solo or small business owner, you're in business to make money. But how are you paying yourself? We'll talk through the logistics and concepts around properly paying yourself in your business.
It's easy to have S&P envy when the market is doing well. And we often get stuck on trying to beat the market as our primary goal, making a diversified portfolio seem "boring" in comparison. But that doesn't tell the whole story.
It's not uncommon to have more than one source of income. Some people have more than one job while others have a "day job" and a side hustle they are starting. Others are "parallel entrepreneurs" with more than one business. We'll discuss techniques for managing multiple ventures more effectively.
We all like to believe that we'll live forever and remain in good health along the way. But the reality is, we sometimes need a little help later in life. And this can come with a cost. We'll talk through some long-term care scenarios and why it's important to consider them in your financial plan.
I've decided to opt out of credit cards. And I have my reasons. I'm not saying anyone is "wrong" for using credit cards or that credit cards will ruin your life (although they sometimes do ruin lives) but I am suggesting that it may be worth re-examining why you use credit cards and deciding for yourself if they are really worth it. Here are my reasons for not using credit cards.
Creativity is a natural ability, but unfortunately, it is often beaten out of us by our life experiences.
Over time, we learn that many people do not want to hear our creative ideas and begin to fear that inner child. We muzzle and mute the part of us which is always ready to jump out and share our excitement and ideas with the world. But it is this inner child who is often at the center of truly great new ideas. So sometimes you have to let it out
In this conversation with Lorraine Ball from Digital toolbox, we will touch on how your creativity is stifled, and ways to re-energize your inner child!
ESG investing is the practice of incorporating environmental, social, and governance factors into investing as a way of making a positive impact in the world. But ESG can sometimes be misunderstood. Let's debunk some of the most common myths.
It's easy to let old 401(k) accounts sit dormant when you leave a job. So what happens if you forget about it for a while? It may be in danger of escheatment. We'll talk about what that means and how to avoid it.
As business owners or 1099 contractors, it's likely that we need to pay quarterly estimated taxes. But how do they work? How much do we need to pay? We'll discuss the mechanics of quarterly estimated taxes today with Kim Padgitt from The Tax Advantage LLC.
For many business owners, it's not enough to just make money. We also want to have a positive impact in the world and in our communities. We'll talk through some ways businesses can align business with values.
We encounter a lot of financial documents throughout our lives. Which ones do we need to keep on file and for how long? This episode includes a downloadable checklist.
Are you thinking of investing in Bitcoin or other digital assets? Are you experiencing FOMO but not sure if it's wise to invest and if so, how much? And what about the environment? Isn't Bitcoin an energy hog? We'll discuss all this and more.
Many people save for financial independence using an employer-provided 401(k) plan. It's the most well-known retirement plan today. But what if you don't have access to one? What are your options?
If you're starting or running a business, you may have heard of an EIN (Employer Identification Number). Do you need one? What's it for?
Budgeting with an irregular income can be a challenge. But it's not impossible. We'll cover some approaches and tips for making your budget work even with unpredictable cash flow.
Are you an entrepreneur or someone with entrepreneurial aspirations? Whether or not you want to have an exit plan, it's important to be intentional about it. And if you do want to sell someday, what does the path look like?
Should you invest in bigger lump sums or is it better to invest on a steady recurring schedule? Let's discuss.
Whether you are a business owner hiring people or you are working for someone else. knowing the rules of how people should be classified is really important. We'll unpack the differences in this episode.
Relating with money can sometimes be complicated and we often lie to ourselves about it. We're joined by fellow financial advisor, Dan VanDusen to discuss 7 of the most common money lies we see.
It's often easy to default to accepting the life or disability insurance from an employer and feel like you've "checked the box". But is this wise?
When you set up an investment account, you typically store your money at a "custodian". But what is that and why does it matter?
The world of finance can seem like a mysterious black box at times. Do you often wonder what your financial advisor is actually doing? Let's find out!
Are there financial benefits to hiring your child? Learn how to do it properly and how it can help you transfer money efficiently to your child.
Financial planning doesn't (always) have to be complicated. And it's not always 100% about the math. Learn how to create a simple, impactful financial plan that you will actually read and maintain using only a Google Doc or Word Doc.
We envision a financial plan to be this magical roadmap that tells us we're on track and that we'll have enough money. But is that how it works in reality?
Target date funds often show up in 401(k) plans and 529 plans as the "default" option. But what is a target date fund and should you use one?
PPP2 is available to small business owners. Should you apply? How is this round different? Is it possible to get it twice? What if you're a 1099? We cover these questions and more.
Whenever something newsworthy happens related to the stock market, interest increases and FOMO sometimes takes hold. Should you be trading stocks? What are the risks and benefits?
Sometimes things just don't work out. And it's ok. Let's talk about how to break up with your financial advisor gracefully and smoothly.
For entrepreneurs looking for ways to grow and make more money, the array of marketing options can seem overwhelming. But one approach is consistently reliable: referral marketing. Networking and referral marketing expert, Tiffanie Kellog joins us to teach us how to use referral marketing to grow and thrive.
The Roth IRA is a core retirement account that is a core component of many financial plans. But there are certain restrictions that can prevent people from using it. We'll talk about a workaround today called the "Backdoor" Roth IRA.
Every year, I do Chris Brogan's "Three Words" exercise to start the new year with purpose. I've done it for many years now and I am 100% in love with it. I'll share how I did last year and what my words are going to be this year. And I'll share how you can do it, too.
I'm indulging myself a bit for the last episode of the year. I'm going to give you a detailed description of what it looks like to work with me as a client.
So you've tried budgeting and you still struggle with it. You're not alone. That's why this episode features a conversation with Bari Tessler: Financial Therapist, Mentor Coach, Mama-preneur, and the Founder of The Art of Money. Bari shares her incredibly simple but powerful method of "Values-based Budgeting" which can create a positive mental shift and help you get "un-stuck" with budgeting.
Solo business owners or "solopreneurs" may feel like their retirement plan options are limited. But there is a great tool available: the Solo 401(k) plan. We discuss the details of this plan to help you decide if it's right for you.
The end of the year means taxes are on our minds. What can we do to be as tax-efficient as possible before the end of the year? Kim Padgitt from The Tax Advantage LLC has some insights for us.
You've got home mortgage questions? We've got answers. We chat with Brittany Green from Tucker Mortgage to cover all those questions that you've been wondering about when it comes to getting a mortgage.
We can all struggle with avoidance of money issues at certain points in our lives. Let's talk about how to move past them.
Starting a business can be an exciting adventure and it can be even more exciting to start it with a partner. Is this always a good idea? What should you think through before launching a partnership?
Many small businesses received a PPP Loan earlier this year. Now there are questions about forgiveness. We'll do a short update on the state of PPP Loan forgiveness.
Elections lead to heightened stress and emotions for many which can raise concerns about money. What does the data show about investing during a presidential election?
It's a good idea to review your credit report once a year. We'll discuss how to do that and what to look for.
Is ID theft protection worth it? How do these services work? We'll talk about the ins and outs of protecting yourself and whether to consider an ID theft protection service.
We live in a world driven by technology. This can make life easier but it can also open us up to vulnerabilities and hacks. It's a good idea to audit your personal cybersecurity practices on a regular basis to keep your money and life safe. In this episode, we'll walk through some security practices together to help minimize your exposure to nefariousness.
When we think of investment and saving for retirement (or financial independence), we often think of things like 401(k) and Roth IRA accounts. But there's another type of account that is pretty common and very flexible that a lot of people don't take advantage of. We'll discuss the Taxable Brokerage account and how to use it.
So many of us struggle with money and even more struggle to truly understand and define what wealth really means to them. And that's why Ryan Sterling wrote a book about it. Ryan is a friend of the show and a dynamic speaker, author, and financial advisor and joins this episode to share insights from his new book, "You're Making Other People Rich."
Pets are a part of the family, and they deserve quality medical care. But healthcare for pets can get expensive. Is it worth it to consider pet insurance?
Building an emergency fund is one of the most important steps of a financial plan. But it's hard! What are some tips and tricks to getting it done?
Health insurance is really important. But it can also be really confusing. We are joined by health insurance expert, Matthew Allen who walks us through all the options available to us and how to evaluate each one to find the best fit for you.
Big companies usually offer 401(k) plans as a standard practice. But many small businesses do not because they aren't clear on the benefits or why it matters. We are joined by Nicolle Willson, JD, CFP, C(k)P, and head of the Retirement Consulting department at Guideline to explain why a small business might want to consider setting up a 401(k) plan and how easy it can be.
You have auto & home insurance questions? We've got answers. We're joined by Ashe Abebe, friend of the show and independent insurance agent to talk through top 10 questions about auto & home insurance.
Life insurance is important for many people but it's easy to overlook a few common details that can lead to problems later on. We are joined today by Mark Maurer, CEO of LLIS which has been providing high touch, high tech insurance services since 1992.
Life insurance is important for many people but it's easy to overlook a few common details that can lead to problems later on. We are joined today by Mark Maurer, CEO of LLIS which has been providing high touch, high tech insurance services since 1992.
Find us at https://www.elevationfinancial.com
Has your friend been bragging about how well their investment account is doing while you aren't seeing the same results?
Tyrone Ross, Director of Community at Altruist, joins the podcast for an incredible conversation about the changing landscape of the financial industry, how technology is making it easier to get financial advice, what's broken about the industry, and how Altruist is leveling the playing field.
There are a number of popular "lazy" portfolios published, such as the All Weather Portfolio or the Permanent Portfolio. Why do these exist and what's the benefit? Michael is joined by his XYPN Mastermind Group to discuss this.
July is a good time to consider rebalancing your 401(k) and investment accounts. We'll discuss the ins and outs on today's episode.
How healthy is your emergency fund? How big should it be? Where should you put it? We talk through these questions and more.
Do you feel limited by your beliefs about money? Do you feel there is something holding you back from earning the income you deserve? We talk with money mindset expert, Gull Khan about how how to overcome your limiting beliefs about money.
Thinking of launching an online course or product? Following a process can make the journey a bit easier.
Did you know that statistically, 1 in 4 people are likely to become disabled for more than 12 months at some point in their lives? Join us as we sit down with insurance expert, Ashe Abebe to discuss disability insurance and how it works.
A lot of us struggle with productivity. Being able to get things done is a pretty clear competitive advantage when it comes to money. If you are productive, you are potentially more likely to increase your wealth because you can simply get more done which leads to success in business, work, running your household, and pretty much every area in life.
Michael's financial advisor mastermind group tackles your most common financial questions in a lively round table format. Everything from tackling debt to student loans to college funding to investing and more.
Professional journalist and copywriter Matthew Brennan joins us today to have a conversation about balancing work, life, and productivity in the pandemic.
There are a few issues that trip up small business owners over and over. We will discuss these areas and how to avoid painful situations down the road.
We're all dealing with increased stress right now, financially and with life in general. In this episode, we talk with Nurse Practitioner and wellness expert Kristin Oja, founder of Stat Wellness, to talk through some ways to manage stress.
You're probably seeing lots of ads and promotions on trading stocks and "getting into" investing right now. Don't give in to the hype.
The CARES Act allows the forbearance of mortgage payments due to financial hardship due to the COVID-19 emergency. Here's how to find out if you qualify and how to request it.
The CARES Act was signed into law on March 27, 2020. There's a lot to unpack for both individuals and small businesses. We'll talk through the key provisions and what it means for you.
I was going to do a big series on budgeting but I haven't gotten around to it so we're going to do a crash course right now. Because we need it right now.
Many people have questions about what to do during scary market conditions like we are experiencing now. We’ll discuss some real questions asked by listeners in today’s episode.
Want to know what I'm doing with my money right now in the midst of COVID-19 and the stock market dips? Listen in to find out.
Have you heard of the F.I.R.E. movement? What does it mean and how do you do it? We are joined by Adam Morgan, Senior Editor at The Simple Dollar to learn more about the story and approach behind F.I.R.E.
Thinking of starting a side hustle or a new business? Not sure how to get your LLC up and running? We'll walk you through it.
What is a Health Savings Account and how does it work? What are these tax benefits everyone keeps talking about? You're in luck. Today we unpack HSAs and how they work.
We often have goals of making significant contributions to retirement but sometimes life gets in the way and we end up being inconsistent. Here are three great reasons to put your investing on auto-pilot.
How do financial advisors get paid? Does it seem like a mystery to figure out how you will be charged? We explain all in this episode.
This one is for side hustlers and entrepreneurs! Join us as we talk with small business marketing expert, Ashley Monk. She shares her "playbook" for making the most of your limited time and money while marketing your business. There are lots of gold nuggets in this episode, including "launch ugly", "email is not dead" and "blogging might be dying".
It's tax time! Everyone loves to save on taxes so let's talk about ways to be as efficient as possible when saving and investing.
You've got tax questions? We've got answers. In this episode, we sit down with Kim Padgitt & Julie Pesek from The Tax Advantage LLC to answer tax questions sent in by our listeners. There's something for everyone in this discussion and you won't want to miss it.
What is decision science and can it be used to make better decisions about life and money? We find out by sitting down with a real-life decision scientist who happens to be the "Robin Hood" of decision science.
In lieu of New Year's resolutions, I like to define "3 words" for myself to focus on each year. I'll share how the exercise works and my 3 words for 2020.
We've all heard about rolling over your 401(k) into an IRA but what does the process actually look like?
It's easy to get caught up in the hustle and bustle of work and business. So much that we feel guilty about taking time off. But recharging is an important part of running a successful business.
Fraud, identity theft, and general digital mischief is increasing. We'll cover a few ways to stay protected and keep your money and your identity from being compromised.
Today we go through 7 of the most common retirement saving mistakes and what they mean.
Watching the news can freak us out and make it seem like the stock market is a scary place to put our money. Let's add some calm and clarity to the conversation.
Is it possible to live without credit cards? And why would you even want to do that? Amy Foley and I talk about this and more.
What do you do when you're fed up with the corporate world and you want to make a change? Many people in this situation have a goal to start a business. But it can be scary to go it alone, which is why franchise ownership can be appealing to some. We sit down with Jeff Crane from The Entrepreneur's Source to learn all about what it takes to start and own a franchise.
Would you rather clean your toilets than do a budget? Do spreadsheets and cash flow numbers make you cringe? As important as budgeting is, many of us have a lot of head trash about it. Join us as we talk with best-selling money author Rachel Richards about how to generate excitement about budgeting.
Investing in real estate can be a good investment for some. However, if you've never done it before it can be intimidating. How do you get started? What kind of returns can you expect? Do you have to be a skilled remodeler to be successful? We discuss all this and more with real estate expert, Dan O'Brien.
I worked with a client recently who was weighing the options between growing her business or taking a job. We talked through the emotional and financial aspects of this decision and I share the thought process with you on this episode.
What is stopping you from taking action on that thing you've been stewing about? Also: an update to this podcast.
We gathered a panel of smart people to answer your money questions at XYPN Live in St. Louis. We discuss student loans, stocks vs. mutual funds, starting a business, and more.
Michael will be at XYPN Live next week and the Elevation Project podcast will be recorded on-site! We'll take your questions on money and entrepreneurship and answer them with Michael and a few other advisors as a panel discussion.
A financial plan is great. But what happens next? Without accountability and motivation, it can be difficult to stay focused on your goals. Financial coaching can help you implement your plan and move forward. And it can make a huge difference in how money works in your life.
We are most effective, productive and happy when we are "in the zone" in our businesses. So let's try to stay there as much as possible.
In this episode we talk with Annie LaCroix, owner of Brainy Boss and a parallel entrepreneur. Annie shares her story of going through a divorce and facing an overwhelming amount of debt and how she fought through it and is now growing two successful businesses.
Passive income is not necessarily the "retire on the beach and make money while you sleep" fantasy that many of us think of. However, with some ingenuity and perseverance, practical passive income can become reality. Here are some ideas.
Josh Brammer, StoryBrand Certified Guide at Lantern joins us today to discuss how to tell a more compelling story in your business. Also: tacos.
Are you interested in aligning your investing with social or environmental issues? This episode is real talk on Socially Responsible Investing (SRI).
There is often pressure on entrepreneurs to grow as fast as possible by relying on debt or investors. But is this really the best path for everyone? We discuss the benefits of slow, controlled business growth and how to manage it.
Why and when is it time to grow a side hustle into a full-time business? We talk through some of the details here.
Entrepreneurship is grueling and emotionally taxing. In this episode we discuss ways to become more resilient in the face of adversity.
Do you struggle to charge appropriate fees for the value you bring to your customers? You're not alone. One of the biggest challenges we have as entrepreneurs is getting paid what we're worth. Co-host Daniel Herndon joins us again.
Combining finances can be a touchy subject for many. It's fraught will all sorts of emotional baggage and logistical concerns. So let's talk about it. Kristy Runzer from OnRoute Financial joins as co-host and we navigate the challenges and benefits of combining finances.
Blogging and podcasting are two great ways to share your knowledge and build a following. But how do you actually make money from it?
We discuss the often under-utilized Solo 401(k), who it's for and how it works. Hint: you may be eligible.
A discussion on owning multiple businesses at the same time, known as "parallel entrepreneurship." Why do it? Pros and cons? How do you manage multiple ventures? Co-host: Daniel Herndon, owner of MilesHerndon and Gavel Curated Cafe.
Personal finance is often more about behavior than math. Michael shares his "life hacks" for organizing bank accounts for maximum optimization.
Interested in starting a side hustle or a new business and not sure where to start? We discuss the simple 10-step blueprint for getting up and running with minimal effort and cost. Co-host Bruce McClain from Two Roads Digital joins us and talks about how he started his business for even less.
The overview and introduction to The Elevation Project! Welcome... we're glad you're here.